The global respiratory analysers market is anticipated to be worth US$ 2.99 Billionin terms of revenue in 2022. The market is projected to expand at a CAGR of 15.87% to reach a market size of US$ 13.04 Billion by 2032.
Attributes
Details
Market CAGR
15.87%
Market (2022)
US$ 2.99 Billion
Market (2032)
US$ 13.04 Billion
In the field of medicine, anaesthesia is a temporary state induced to cause amnesia, paralysis, and unconsciousness. The main objective is to enable a surgeon to perform a procedure which would cause the patient immense and intolerable pain without it. While it has enabled the saving of lives on many an occasion, it is not completely risk free.
Minor risks include nausea, vomiting while major ones can include a heart attack or even death. Thus, respiratory analysers are absolutely critical as they measure various gases like Oxygen, Carbon Monoxide and volatile anaesthetics in the operation theatre.
It enables the anaesthetist to ensure that the patient does not have any adverse reaction to the drugs administered. Paramagnetic Oxygen Analysers, Carbon Dioxide analysers are some of the respiratory analysers available.
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The Rise in Cases of Respiratory Disease Forces Market Expansion
Sales of respiratory analyzers are projected to propel owing to growing premature birth rates, growing urbanization, increase in pollution, smoking culture, and lifestyle modification. The production of respiratory equipment has been under pressure to innovate due to the increased prevalence of respiratory disorders. Analyzers and other respiratory devices are now more widely used as a result of patients with COPD (Chronic Obstructive Pulmonary Disease) and asthma seeking more precise drug therapy. Some other factors increasing the demand for respiratory analyzers are:
The geriatric demographic is burgeoning and is largely afflicted by respiratory disorders.
The sector has been impacted by both public and private programs, including financing for research, awareness movements, and the global campaign for Asthma (GINA).
Growing demand for therapeutic respiratory equipment in home healthcare settings since home healthcare devices have become more popular and have gained market share recently.
The instrument is frequently used to measure carbon monoxide levels in exhaled breath and aid in quitting smoking.
Modern machines seem to be effective in terms of improving respiratory function and expectorating mucus since they automatically regulate breathing and exhalation as per the requirement of patients.
Modern technology has improved anesthesiology practice, making monitoring faster, easier, safer, and less chaotic.
Rising Trend of Home Care Setting to Generate Growth Opportunities
Over the forecast period, rising healthcare expenditure, emphasis on medical tourism in emerging economies, and the growing need for these medical devices to tap potential are projected to propel the expansion of the global respiratory analysers market and strengthen growth opportunities for the key market players.
The increased demand for therapeutic respiratory devices in home healthcare applications is one important aspect that is projected to generate growth opportunities over the forecast period. In recent years, home healthcare devices have gained recognition and market share.
As the adoption rate of respiratory analyzers keeps increasing, the market for these devices is anticipated to experience profitable opportunities. The respiratory analysers market is also anticipated to develop as a consequence of the increased emphasis on projects by private and governmental organizations to manufacture nanotechnology items that may be used in conjunction with medical equipment.
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Manufacturers Focus on Technological Advancements to Lead the Market
To attain a competitive advantage market players are making numerous technological developments, such as the invention of product versions that can be linked to Bluetooth for personalized tracking and analyzers integrated with fuel cell and semiconductor sensor technologies to deliver more precise findings.
Another area of interest for both well-established industry players and other developing players is the development of therapeutic respiratory equipment for home healthcare. For example, Movair, a respiratory therapy company formerly known as International Biophysics Corporation, officially confirmed the U.S. commercial advent of Luisa in October 2021. Luisa is a novel ventilator that is intended for use in homes, healthcare facilities, and other institutions as well as portable applications for both invasive and noninvasive airflow.
Respiratory Analysers Market: Drivers
At present, North America is the leading global respiratory analyser market. As per the WHO, chronic obstructive pulmonary disease (COPD) is expected to be the 3rd leading cause of global deaths. According to the National Sleep Foundation, 40 million Americans suffered from insomnia or some other form of chronic sleep disorders.
There are many cases of both COPD and Asthma reported there. While North America leads these statistics, Europe is second in terms of the people complaining of respiratory ailments. The key respiratory analyser market to focus on for long-term growth would be the APAC region.
It is undergoing rapid modernization, with little to no concern for environmental or biological factors, thus giving rise to health issues for its citizens. Increasing focus on medical programs and awareness, both from the government and the private sector all point to a bright future for this market. Hospitals form the largest end users of respiratory analysers and they are also expected to record the highest growth rate.
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Respiratory Analysers Market: Restraints
Any equipment which serves a specialised function tends to be expensive and this holds true for the Respiratory Analysers Market as well. The high cost is such a detriment that customers hesitate purchasing modern equipment and prefer using the old, archaic ones.
Even lack of awareness in underdiagnosed, undertreated poorer countries can be a major impediment to growth. Along with this, the installation and usage of such advanced respiratory analysers requires highly skilled professionals, who are in short supply in these nations.
Another issue is the saturation in developed countries due to the oligopolistic market situation. Hence, there are moderate to high barriers for entry for new players seeking to enter this market, thereby limiting competition and customer choice.
Respiratory Analysers Market: Key Regions
The Respiratory Analysers Market can be divided into five key regions viz. North America, Europe, Asia Pacific, Latin America and the Middle East and North Africa. (MENA) North America is the largest market at present and is expected to remain so for the near future.
The fastest growing market for this is unquestionably the Asia- Pacific region. China and India are the fastest growing major economies in the world. Their large populations, increasing government attention towards healthcare, booming medical tourism in them and Southeast Asian nations like Thailand will ensure continued demand for products sold in the respiratory analyser market.
Key players would also be advised to look at Latin America to provide ample growth opportunities in the years to come.
Respiratory Analysers Market: Key Market Players
The main manufacturers in the Respiratory analyser market include globally renowned companies like Smiths Medical (U.K), Philips Healthcare (Netherlands), ResMed, Inc. (U.S.), Covidien plc (Ireland), Masimo Corporation (U.S.), Fisher and Paykel Healthcare Limited (New Zealand), and CareFusion Corporation (U.S.).
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, types and applications.
The report covers exhaustive analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Regional analysis includes
North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
